100-106 N Bayshore Blvd · San Mateo, CA 94401

$9,450,000

38 bd · 4.0 ba · 22,548 sqft · MultiFamily public records · 8 Days on market

Built 1960 0.57 ac lot

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.7/10.0
• Livability +4.0/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 38 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Knights Inn Apartments, located at 100-106 N. Bayshore Boulevard in San Mateo, presents a rare 38-unit multifamily investment opportunity in San Mateo. The property offers a unit mix of thirty-four (34) studios (~381 sqft) and four (4) 1-Bedroom/1-Bath units (~570 sqft). Constructed in 1960 and situated on a 24,944 sqft lot, with approximately 24,592 sqft of gross building area across two (2) buildings. SB-721 COMPLIANT, BALCONY REBUILD COMPLETED, eliminating a significant capital expenditure obligation and providing investors with a clean compliance profile at close. The property further features a secured fenced-in pool, on-site coin-operated laundry, and 36 covered carports + 4 uncovered assigned spaces. Gas and electric utilities are master metered for each building, presenting a direct value-add opportunity through implementation of a Ratio Utility Billing System (RUBS), a strategy not currently utilized under existing ownership. The pro forma reflects an estimated $45,600 in additional RUBS income upon implementation.Current rents averaging approximately $1,610/month for studios and $2,085/month for 1-Bed/1-Bath units reflect meaningful upside to market rents of $2,100 and $2,395 respectively, as validated by the nearby Country Club Apartments at 420 N. Bayshore Boulevard.

Key facts

• Covered carports
• Sb-721 compliant
• 0.57 acre lot

Tags

• SECURED FENCED-IN POOL
• ON-SITE COIN-OPERATED LAUNDRY
• COVERED CARPORTS
• UNCOVERED ASSIGNED SPACES
• SB-721 COMPLIANT
• BALCONY REBUILD COMPLETED

Property features AI

Finance

• Other: Landscaping expense reported; Trash and utility expenses reported
• Financial info: Complex of at least 38 units; Annual rental income listed; Annual gross income listed; Gross scheduled income listed; Other income and expense items reported; Total expenses reported; Vacancy factor reported
• HOA & community: Community pool

Exterior

• Parking: Assigned spaces; Carport parking (36 carport spaces minimum); Off-street parking; Total of 4 parking spaces listed
• Security: Separate meters for common areas and units (water/electric/gas)
• Utilities: Public sewer (connected); Public water; Individual electric meters; Individual gas meters; Separate common-area electric and water meters
• Home design: Limited partnership ownership; Two buildings
• Construction: Wood-frame construction; Concrete slab foundation; Flat/low-pitch tar and gravel roof
• Exterior features: Fenced pool; Community pool available; Property zoned Commercial Multifamily; Tenant pays electric and gas utilities

Interior

• Kitchen: Marble countertops; Electric oven/range; Pantry; Refrigerator (varies by unit)
• Bedrooms: Some units are 1-bedroom
• Flooring: Laminate flooring; Vinyl/linoleum flooring
• Bathrooms: One full bathroom in 1-bedroom unit type
• Heating & cooling: Wall furnace heating; Ceiling fan cooling
• Interior features: Coin-operated laundry; Ceiling fans; Wall furnaces
• Laundry & utility: Coin-operated laundry

What this means for you Summary

Snapshot

• This is a 34×4bd/4.0ba + 4×1bd/1.0ba units multifamily listed at $9.45M.

Deal economics

• At list price, monthly cash flow is $93k ($1.11M/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($191k rent vs $9.45M).
• Cap rate 18.1% vs local median 1.2% in San Mateo — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 79/100 on livability (#56 in CA, #2,095 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: cost of living F.
• San Mateo Union High (suburban): math 50% / reading 70% proficiency, ranked #178 of 1,400 in CA (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: San Mateo High (1,613 students, 29% FRL).
• Market conditions: Rents rising fast (+4.6%/yr); 58 active listings in the ZIP; high-income renter base; 1,019 units permitted in San Mateo County in 2024 (484 in 5+ unit buildings).
• At $190,512/mo this rent would consume 1870% of the median local household income ($122k/yr) (locally 2173% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $65k of loan paydown is wiped out by about $284k of value loss. Plan a longer hold.
• San Mateo County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.6% rent growth), your $2.65M cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $1.95M; list at $9.45M implies a 385% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $9,450,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 2.02% ✓
• Cap rate: 18.14%
• Cash-on-cash: 42.32%
• DSCR: 2.88
• GRM: 4.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.57% rent growth · sell at horizon

5-year hold

• IRR: 40.5%
• Equity multiple: 2.77×
• Total profit: $4,688,389
• Equity at exit: $1,409,026

10-year hold

• IRR: 47.5%
• Equity multiple: 5.91×
• Total profit: $12,987,778
• Equity at exit: $817,063

Cash invested: $2,646,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 94401

• Rents YoY: 4.6%
• Active inventory: 58
• Price-to-rent: 149.6×

Monthly cashflow live

• Estimated rent: $190,512 medium
• Mortgage (P&I): −$49,557
• Tax from tax record: −$3,698 /mo · $44,381/yr
• Insurance: −$3,938
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$40,008
• Net cashflow: $92,885

Break-even live

Break-even rent $72,936

Max offer price $9,450,000

Occupancy floor 46%

38-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 34× units	4	4	$178,976
▸ 4× units	1	1	$11,536
Total (38 units)			$190,512

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $2,362,500
• Closing costs: $283,500
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-18
   days on market $9,450,000 Active 8 DOM
2. 2026-06-17
   days on market $9,450,000 Active 7 DOM
3. 2026-06-16
   days on market $9,450,000 Active 6 DOM
4. 2026-06-15
   days on market $9,450,000 Active 5 DOM
5. 2026-06-13
   days on market $9,450,000 Active 3 DOM
6. 2026-06-13
   remarks 699-char remark
7. 2026-06-13
   listed $9,450,000 Active 2 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $44,381 · $3,698/mo
• Projected year-2 tax: $71,820 · $5,985/mo
• Expected delta: +$27,439/yr (+$2,287/mo · 61.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 8 d/yr ≥85°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 12 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $2,286,144
• − Mortgage interest: −$529,347
• − Property taxes: −$44,381
• − Insurance: −$52,368
• − Repairs & maintenance: −$182,892
• − Management: −$182,892
• − Depreciation: −$274,909
• Taxable income: $1,019,355
• Est. tax owed @ 24.0%: −$244,645
• After-tax cash flow: $869,977/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: San Mateo Union High
• NCES district ID: 0634980
• Math proficiency: 50% ▼ -2.00%
• Reading proficiency: 70% ▼ -1.00%
• Median HH income: $96,956
• Composite: 57.13/100
• National rank: #2338
• State rank: #178 of 1400 in CA

Livability — San Mateo

• Score: 79/100
• State rank: #56
• US rank: #2095

Category grades

Amenities A+ Commute A+ Cost of living F Crime C+ Employment A+ Housing B- Health & safety A+ User ratings D-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Mateo, CA
• County: San Mateo County · 733,415 people
• City population: 104,046
• Metro: San Francisco-Oakland-Berkeley, CA
• Population (ZIP): 35,295
• Household income: $122,227
• Rent vs Own: 56.6% rent · 43.4% own
• Severe rent burden: 2173.0

Population outlook (San Mateo County) Hauer SSP2

• Today (2025): 864,008 people
• By 2030: 910,523 · +5.4%
• By 2040: 997,285 · +15.4%
• By 2050: 1,071,189 · +24.0%
• By 2075: 1,197,206 · +38.6%
• By 2100: 1,192,523 · +38.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.73)
• Race & ethnicity: Hispanic / Latino 38% White 26% Asian 24% Two or more races 17% Pacific Islander 3% Native American 3% Black 1%
• Hispanic origin (detail): Mexican 19%
• Common ancestry: Slovak 2% Italian 1% Scotch-Irish 1%
• Foreign-born: 42% · Canada, China, South Korea
• Languages at home: 45% English-only · Spanish 31% Chinese 8% Other Indo-European 5%

Political lean MEDSL · San Mateo

• 2024 margin: Solid D (+50.3) · D 73.5% · R 23.2% · Other 3.3%
• 2008→2024 swing: +1.6pp toward D · 2008: 48.7pp · 2024: 50.3pp
• All cycles: 2024: D+50.3 2020: D+57.7 2016: D+57.7 2012: D+44.8 2008: D+48.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -996.13%
• Current HPI: 338.0203
• Rent YoY: ▲ 4.57%
• Metro: San Francisco-Oakland-Berkeley, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

+384.6% since first listed

3 events — show timeline

• 2026-06-10 Listed $9,450,000 MLSListings
• 2026-06-10 Listed $9,450,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 1998-08-06 Sold (Public Records) $1,950,000 Public Records

Property tax history

+5.6%/yr

Latest (2025): $44,381 · -2.4% YoY. Source: county tax records.